中国核能电力股份有限公司（以下简称公司）于 2025 年 4 月 27 日召开第五 届董事会第三次会议，审议通过了《关于公司 2025 年度回购 A 股股票方案的议 案》，同意公司使用自有资金和自筹资金以集中竞价交易方式回购公司股份，用 于后续实施股权激励，回购价格不超过人民币 13.98 元/股（含），回购资金总额 不低于人民币 3 亿元（含）且不超过人民币 5 亿元（含），回购期限自董事会审 议通过本次回购股份方案之日起不超过 12 个月。本次回购股份事项的具体内容 详见公司于 2025 年 4 月 29 日、5 月 8 日、5 月 13 日在上海证券交易所网站披露 的《中国核能电力股份有限公司关于以集中竞价方式回购股份方案的公告》《中 国核能电力股份有限公司关于取得金融机构股票回购贷款承诺函的公告》《中国 核能电力股份有限公司关于以集中竞价交易方式回购股份的回购报告书》（公告 编号：2025-034、2025-040、2025-043）。 二、回购股份的进展情况 | 证券代码：601985 | 证券简称：中国核电 | | | 公告编号：2025-048 | | --- | --- | --- | --- ...

Market Overview - The FTSE China A50 Index component stocks showed a mixed performance with the semiconductor sector rising throughout the day while the automotive sector turned negative in the afternoon [1] Insurance Sector - China Life Insurance had a market capitalization of 358.657 billion with a trading volume of 1.868 billion, increasing by 1.35% - China Pacific Insurance had a market capitalization of 333.441 billion with a trading volume of 0.580 billion, increasing by 0.43% - Ping An Insurance had a market capitalization of 974.612 billion with a trading volume of 1.173 billion, decreasing by 1.22% [3] Alcohol Industry - Kweichow Moutai had a market capitalization of 1934.545 billion with a trading volume of 10.48 billion, decreasing by 0.12% - Wuliangye Yibin had a market capitalization of 229.085 billion with a trading volume of 20.36 billion, increasing by 0.32% - Shanxi Fenjiu had a market capitalization of 494.206 billion with a trading volume of 33.75 billion, increasing by 0.20% [3] Semiconductor Sector - Northern Huachuang had a market capitalization of 227.153 billion with a trading volume of 15.27 billion, increasing by 1.89% - Cambricon Technologies had a market capitalization of 255.859 billion with a trading volume of 26.75 billion, increasing by 0.48% [3] Automotive Sector - BYD had a market capitalization of 289.728 billion with a trading volume of 69.43 billion, decreasing by 0.48% - Great Wall Motors had a market capitalization of 1097.498 billion with a trading volume of 3.62 billion, decreasing by 0.13% - Beijing-Shanghai High-Speed Railway had a market capitalization of 195.928 billion with a trading volume of 3.67 billion, increasing by 0.34% [3] Energy Sector - COSCO Shipping had a market capitalization of 1520.904 billion with a trading volume of 6.46 billion, decreasing by 0.36% - Sinopec had a market capitalization of 694.943 billion with a trading volume of 13.18 billion, decreasing by 1.04% [3] Coal Industry - China Shenhua Energy had a market capitalization of 202.044 billion with a trading volume of 6.30 billion, decreasing by 0.05% - Shaanxi Coal and Chemical Industry had a market capitalization of 790.568 billion with a trading volume of 54.88 billion, increasing by 0.24% [3] Power Sector - China Yangtze Power had a market capitalization of 741.142 billion with a trading volume of 20.26 billion, increasing by 1.71% - China Nuclear Power had a market capitalization of 197.247 billion with a trading volume of 8.48 billion, decreasing by 0.79% [4] Food and Beverage Sector - Citic Securities had a market capitalization of 380.888 billion with a trading volume of 13.92 billion, increasing by 1.10% - Haitai Flavoring had a market capitalization of 248.170 billion with a trading volume of 5.66 billion, decreasing by 1.67% [4] Consumer Electronics - Heng Rui Medicine had a market capitalization of 391.220 billion with a trading volume of 34.65 billion, decreasing by 0.28% - Industrial Fulian had a market capitalization of 357.251 billion with a trading volume of 46.61 billion, increasing by 6.03% [4] Logistics Sector - Mindray Medical had a market capitalization of 174.350 billion with a trading volume of 7.04 billion, decreasing by 0.34% - SF Holding had a market capitalization of 232.046 billion with a trading volume of 11.09 billion, decreasing by 0.36% [4] Telecommunications - China Unicom had a market capitalization of 473.612 billion with a trading volume of 11.23 billion, increasing by 1.31% [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [6][14]. Core Views - Short-term performance is under pressure due to non-operating factors, but long-term prospects remain positive with steady progress in new unit construction and a proposed share buyback plan by the chairman [2][14]. - The company is expected to achieve a net profit of 10.6 billion yuan in 2025, representing a year-on-year increase of 21% [14]. Financial Summary - Revenue projections for the company are as follows: - 2023: 74.957 billion yuan - 2024: 77.272 billion yuan (YOY +3.1%) - 2025: 86.127 billion yuan (YOY +11.5%) - 2026: 93.330 billion yuan (YOY +8.4%) - 2027: 108.026 billion yuan (YOY +15.7%) [4][14]. - Net profit (attributable to the parent company) is projected as follows: - 2023: 10.624 billion yuan - 2024: 8.777 billion yuan (YOY -17.4%) - 2025: 10.618 billion yuan (YOY +21.0%) - 2026: 10.938 billion yuan (YOY +3.0%) - 2027: 12.371 billion yuan (YOY +13.1%) [4][14]. - Earnings per share (EPS) estimates are: - 2023: 0.52 yuan - 2024: 0.43 yuan - 2025: 0.52 yuan - 2026: 0.53 yuan - 2027: 0.60 yuan [4][14]. Target Price - The target price for the company is set at 11.44 yuan, based on a 22x PE ratio for 2025 [7][14]. Market Data - The current price of the stock is 9.65 yuan, with a market capitalization of 198.481 billion yuan [7][14]. - The stock has a 52-week price range of 8.99 to 12.22 yuan [14]. Investment Highlights - The company is actively pursuing the construction of new nuclear power units, with 19 units currently under construction or planned [14]. - A share buyback plan of 300 to 500 million yuan is proposed, with a buyback price not exceeding 13.98 yuan per share [14]. - The company plans to invest 1 billion yuan in a nuclear fusion company, indicating a forward-looking strategy in the energy sector [14].

Group 1 - The company, China Nuclear Power Co., Ltd., will participate in a collective investor communication meeting organized by its controlling shareholder, China National Nuclear Corporation, on June 6, 2025, from 15:00 to 16:30 [1][2] - The meeting will be held at Nanjing Rongtong Huashan Hotel, located at Longpan Middle Road 81, Xuanwu District, Nanjing [1] - The meeting will be attended by the company's general manager, other leaders, and relevant department heads, with a limit of 20 participants due to venue constraints [1] Group 2 - Investors interested in attending must register by scanning a QR code before June 3, 2025, and will receive a confirmation via SMS [1] - Investors can submit pre-questions via the company's email from May 29 to June 3, 2025, and the company will address common concerns during the meeting [1] - Contact information for inquiries includes a designated contact person and phone number, with all expenses for accommodation and transportation to be borne by the participants [1]

| 证券代码：601985 | 证券简称：中国核电 | | 公告编号：2025-047 | | --- | --- | --- | --- | | 债券代码：138547 | 债券简称：22 核电 | Y2 | | 中国核能电力股份有限公司 关于参加中核集团集体投资者交流会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 中国核能电力股份有限公司（以下简称公司）已于 2025 年 4 月 29 日发布公 司 2024 年年度报告和 2025 年第一季度报告，为便于广大投资者更全面深入地了 解公司经营成果、财务状况，公司计划于 2025 年 6 月 6 日下午 15:00-16:30 参加 公司控股股东中国核工业集团有限公司集体投资者交流会。现将有关事项公告如 下： 一、召开时间、地点 公司总经理、其他公司领导及有关部门负责人（如遇特殊情况，参会人员将 根据实际情况进行调整）。 三、参加方式 （一）现场参加 因现场条件有限，本次说明会现场限额 20 人，有意向参加的投资者请于 6 月 3 日前扫描下方二维码进行报名， ...

Market Overview - The FTSE China A50 Index component stocks showed mixed performance with the oil and coal sectors gaining throughout the day, while the banking and automotive sectors fluctuated in the afternoon [1]. Sector Performance Insurance - China Pacific Insurance, China Ping An, and China Life Insurance had market capitalizations of 329.02 billion, 363.08 billion, and 970.42 billion respectively, with trading volumes of 1.145 billion, 1.396 billion, and 0.510 billion [3]. Alcohol Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,930.78 billion, 229.35 billion, and 492.65 billion respectively, with trading volumes of 2.505 billion, 0.941 billion, and 2.291 billion [3]. Semiconductor - Northern Huachuang and Cambrian had market capitalizations of 222.93 billion and 254.64 billion respectively, with trading volumes of 1.757 billion and 2.779 billion [3]. Automotive - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of 1,102.81 billion, 288.75 billion, and 196.18 billion respectively, with trading volumes of 6.513 billion, 0.296 billion, and 0.232 billion [3]. Oil Industry - COSCO Shipping, Sinopec, and China National Offshore Oil Corporation had market capitalizations of 702.22 billion, 1,526.39 billion, and 254.36 billion respectively, with trading volumes of 0.958 billion, 1.212 billion, and 1.193 billion [3]. Coal Industry - Shaanxi Coal and Ningde Times had market capitalizations of 201.56 billion and 790.97 billion respectively, with trading volumes of 0.591 billion and 0.634 billion [3]. Power Industry - Yangtze Power and China Nuclear Power had market capitalizations of 198.28 billion and 747.01 billion respectively, with trading volumes of 1.637 billion and 0.555 billion [4]. Food and Beverage - Citic Securities, Guotai Junan, and Haitian Flavoring had market capitalizations of 303.76 billion, 376.74 billion, and 252.40 billion respectively, with trading volumes of 0.903 billion, 0.313 billion, and 0.616 billion [4]. Consumer Electronics - Industrial Fulian, Luxshare Precision, and Kairui Pharmaceutical had market capitalizations of 368.98 billion, 220.25 billion, and 358.24 billion respectively, with trading volumes of 2.024 billion, 0.616 billion, and 1.944 billion [4]. Home Appliances - Gree Electric, Haier Smart Home, and Muyuan Foods had market capitalizations of 261.47 billion, 209.77 billion, and 235.61 billion respectively, with trading volumes of 1.075 billion, 0.625 billion, and 0.761 billion [4]. Medical Devices - Mindray Medical, Wanhua Chemical, and SF Holding had market capitalizations of 172.40 billion, 232.84 billion, and 279.48 billion respectively, with trading volumes of 0.988 billion, 0.530 billion, and 0.844 billion [4]. Communication Services - Zijin Mining, China State Construction, and China Unicom had market capitalizations of 232.63 billion, 166.64 billion, and 477.87 billion respectively, with trading volumes of 1.782 billion, 0.509 billion, and 1.271 billion [4].

Group 1 - The Shanghai Composite Index opened lower and fluctuated, with the Shanghai Utilities Index rising by 0.06% to 4647.84 points and a trading volume of 22.849 billion yuan [1] - The Shanghai Utilities Index has increased by 1.94% over the past month, 1.41% over the past three months, and has decreased by 2.47% year-to-date [1] - The index is categorized into five major sectors: industrial, commercial, real estate, utilities, and comprehensive, reflecting the economic conditions and overall performance of listed companies in these sectors [1] Group 2 - The top ten weighted stocks in the Shanghai Utilities Index include: Beijing-Shanghai High-Speed Railway (8.12%), China Nuclear Power (5.64%), Huaneng Hydropower (5.07%), China Unicom (4.82%), Shanghai Port Group (3.75%), Daqin Railway (3.74%), Three Gorges Energy (3.46%), China Communications Construction (2.91%), Air China (2.85%), and China Railway Construction (2.53%) [1] - The sample of the Shanghai Utilities Index is composed entirely of stocks listed on the Shanghai Stock Exchange, with a total market share of 100% [1] Group 3 - In terms of industry composition within the Shanghai Utilities Index, industrial sector accounts for 51.73%, utilities for 33.68%, communication services for 8.87%, consumer discretionary for 1.72%, energy for 1.67%, financials for 1.10%, materials for 0.86%, and real estate for 0.37% [2] - The criteria for inclusion in the index require securities to have a daily average market capitalization ranking in the top 10 of the Shanghai market after three months of listing, while other securities are included after one year [2] - Securities under risk warning measures are removed from the index starting from the second Friday of the month following the implementation, while those that have their risk warning lifted are included from the next trading day after the second Friday of the following month [2]

Market Overview - The FTSE China A50 Index showed a mixed performance with the banking sector seeing gains while the semiconductor and automotive sectors experienced declines [1] Banking Sector - Major banks such as China Pacific Insurance, Ping An Insurance, and China Life Insurance reported market capitalizations of 363.08 billion, 323.34 billion, and 971.52 billion respectively, with trading volumes of 246 million, 819 million, and 326 million [3] Semiconductor Sector - North China Innovation and Cambricon Technologies had market capitalizations of 229.69 billion and 262.17 billion respectively, with trading volumes of 1.706 billion and 674 million, showing declines of 1.58 (-0.37%) and 22.99 (-3.53%) [3] Automotive Sector - Great Wall Motors and BYD reported market capitalizations of 193.36 billion and 289.24 billion respectively, with trading volumes of 6.002 billion and 1.8 billion, both showing declines of 11.95 (-3.14%) and 0.20 (-0.88%) [3] Oil and Gas Sector - China Shipping and Sinopec had market capitalizations of 688.88 billion and 252.95 billion respectively, with trading volumes of 1.145 billion and 187 million, showing no significant change [3] Coal Sector - China Shenhua and Shaanxi Coal and Chemical Industry reported market capitalizations of 200.01 billion and 787.59 billion respectively, with trading volumes of 417 million and 260 million, with slight changes in stock prices [3] Power Sector - Yangtze Power and China Nuclear Power had market capitalizations of 199.30 billion and 743.83 billion respectively, with trading volumes of 1.022 billion and 601 million, showing minor fluctuations [4] Food and Beverage Sector - China Citic Securities and Haitai Flavoring reported market capitalizations of 377.18 billion and 246.00 billion respectively, with trading volumes of 198 million and 610 million, both showing slight declines [4] Consumer Electronics Sector - Industrial Fulian and Luxshare Precision reported market capitalizations of 367.39 billion and 221.56 billion respectively, with trading volumes of 1.782 billion and 1.135 billion, both showing declines [4] Logistics Sector - Mindray Medical and Wanhua Chemical reported market capitalizations of 172.47 billion and 226.01 billion respectively, with trading volumes of 340 million and 340 million, both showing slight declines [4] Construction Sector - China State Construction and Zijin Mining reported market capitalizations of 478.93 billion and 233.05 billion respectively, with trading volumes of 1.613 billion and 493 million, showing minor fluctuations [4][5]

Summary of China Nuclear Power Conference Call Company Overview - **Company**: China Nuclear Power - **Industry**: Nuclear Power and Renewable Energy Key Points Financial Performance - In Q1 2025, China Nuclear Power's revenue increased by approximately 20% year-on-year, primarily due to the operational launch of the Zhangzhou Unit 1, which boosted electricity generation [2][6] - The total number of operational units is 26, with stable electricity generation performance [6] - The average electricity price in Jiangsu, Zhejiang, Fujian, and Hainan provinces decreased by about one cent year-on-year, but the company maintained stability compared to peers [6] Future Plans - The company plans to operationalize Zhangzhou Unit 2 in the second half of 2025, which is expected to further enhance performance [7] - There are currently 19 new units under construction, with an increase in overall investment plans [7] - The company is focusing on the perovskite industry and isotope production, which are anticipated to positively impact future performance [7] Market Dynamics - The impact of market transactions in Jiangsu is minimal, with an average price drop of just over one cent, which is manageable [8] - In Zhejiang, the Qinshan and Sanmen nuclear power plants received government contracts that protect 65% and 85% of their electricity output, respectively, reducing market volatility [10] Regulatory and Tax Impacts - The company has faced a one-time tax payment of approximately 1 billion yuan due to new regulations, which significantly affected overall performance [4] - The new interpretation of corporate income tax impacts profits by about 200 million yuan annually [22] Renewable Energy Strategy - The company has commissioned over 30 GW of renewable energy projects, ahead of the "14th Five-Year Plan" [13] - Future renewable energy development will be adjusted based on external and internal conditions, focusing on areas with minimal power restrictions [13][14] - The company is increasing its wind energy development while reducing photovoltaic project investments [14] Cost Management - All loans are linked to the Loan Prime Rate (LPR), allowing the company to save several hundred million yuan in financial costs annually by replacing high-interest loans with lower ones [5][21] - The company maintains a stable cost structure, with uranium resources accounting for about 20% of total costs, which does not significantly impact operations [18] Industry Context - The U.S. government's acceleration of nuclear power approvals may enhance domestic nuclear energy development but is not expected to significantly impact China Nuclear Power due to its established growth and policy support [19][20] - The company emphasizes its unique growth potential and stable cash flow generation post-capital expenditure phase, making it an attractive investment opportunity [29] Operational Capacity - The company has sufficient site reserves to meet the approval needs of 15 to 16 new projects in the future [27] - Current projects include new developments in Sanmen, Liaoning, Guangdong, Fujian, Hainan, and Hebei [27] Conclusion - China Nuclear Power is positioned for stable growth with a focus on nuclear and renewable energy, while managing costs effectively and adapting to market conditions. The company remains a strong candidate for investment in the current market environment.

Core Viewpoint - The nuclear power sector is experiencing a significant surge in stock prices, driven by a global revival in nuclear energy, rising uranium prices, and increasing demand due to advancements in AI technology. Goldman Sachs predicts a golden decade for nuclear power [1][3]. Group 1: Stock Performance - On May 26, the A-share nuclear power sector saw a collective surge, with nearly 20 stocks hitting the daily limit, including Shangwei Co. and China Nuclear Technology [1]. - China Guodian Electric, a leading stock in the sector, reported a year-to-date price increase of 139.02% as of May 26 [1]. - In the Hong Kong market, China Nuclear International experienced a dramatic rise, with a peak increase of over 180%, closing at 4.09 HKD per share, up 129.78%, and a year-to-date increase of 143.45% [1]. Group 2: Market Dynamics - The recent stock price movements in the nuclear power sector are attributed to a combination of global nuclear revival, anticipated uranium resource shortages, technological breakthroughs, and supportive policies [2]. - The National Energy Administration of China issued a temporary measure to enhance nuclear project management, aiming to standardize costs and ensure quality in nuclear construction [2]. - The Chinese government has approved multiple nuclear power projects, with a consistent increase in the number of approved nuclear units from 2022 to 2025 [2]. Group 3: Global Trends - On May 23, U.S. President Trump signed three executive orders to accelerate nuclear energy development, focusing on project approvals and supply chain enhancements [3]. - Several countries, including Germany and Belgium, have recently shifted their stance to support nuclear energy, indicating a broader global trend towards nuclear power [3]. - Goldman Sachs forecasts a structural shortage in the global uranium market, predicting a deficit of 130 million pounds by 2040, alongside a surge in nuclear power demand driven by AI advancements [3]. Group 4: Company Performance - Companies in the nuclear sector are benefiting from increased orders and revenue growth, with China Nuclear Construction reporting a 34.63% year-on-year revenue increase to 32.212 billion CNY for 2024 [4]. - The company also secured new contracts worth 55.144 billion CNY, marking a 43.61% increase year-on-year [4]. Group 5: Investment Insights - Public funds have shown significant interest in the nuclear power sector, with major holdings in China Nuclear and China General Nuclear Power [6]. - As of the first quarter of 2025, 89 public funds held 169 million shares of China Nuclear, while 32 funds held 95.0184 million shares of China General Nuclear [6]. - Analysts suggest focusing on companies with high technical barriers and strong order visibility, as well as those benefiting from uranium resource scarcity [6].